Let’s take a closer look at this crypto beginners guide to the 5 things crypto newbies should know.
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1️⃣DELVE EXTENSIVELY BEFORE INVESTING:
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▫️The first step in crypto consciousness is understanding the underlying technology – blockchain. Forget the tech jargons for now. No one needs to convince you of how revolutionary blockchain technology is.
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▫️A good starting point is reading articles, checking online forums and vlogs discussing cryptos.
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▫️You’d soon find out why governments and corporations are exploring this nascent technology and how they’re looking to integrate it to their systems, or why banks are fearful of Blockchain and cryptocurrencies as a threat to their existence and looking to clamp down its growth.
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▫️This outlook will help broaden your mind to learning and seeing the possibilities of the potential of blockchain technology.
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2️⃣ INVEST ONLY WHAT YOU’RE WILLING TO LOSE: _
▫️Risk = Rewards
(Investments that are risky will tend to potentially give you higher returns)
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3️⃣ FOCUS ON THE LONG-RUN:
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▫️You should always be focused on the long-term, as the technology underpinning cryptocurrencies are still in its infancy stages and it could take a while before the technologies and various innovations within the cryptocurrency ecosystem are ready for mainstream adoption.
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▫️Short-term trading in this extremely volatile market could be disastrous, especially if you do not have any trading expertise.
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4️⃣ DIVERSIFY YOUR PORTFOLIO:
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▫️A well-built portfolio is a solid foundation for better returns.
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5️⃣ KEEP AN EYE ON YOUR PROFIT & LOSS:
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▫️The key to profitability in this area is to buy low and then sell high.
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▫️You need to pay attention while placing a buy order and as well observe when the market moves in a bullish direction to count your gains.
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▫️If you can pay good attention to this, you will most likely crush the crypto market like a superstar.
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